Time management is the act of taking conscious control over how long is spent on specific activities. Effective time management provides several benefits, including greater productivity, less stress, and increased opportunities for advancement. Conversely, poor time management can lead to missed deadlines, inefficient work, poor work quality, damage to one's professional reputation, a stalled career, and higher stress levels. The key components of time management include costing your time, making activity logs, setting goals, planning, prioritizing, and scheduling.